MPTC Revenue Rises Ahead of SMC Merger; Domestic Network Expansion Continues

MANILA, Philippines — Metro Pacific Tollways Corp. (MPTC), a leading infrastructure conglomerate, reported a robust 8% increase in revenues to P19.6 billion during the first half of 2026. This growth was propelled by its expanding road network in the Philippines, stronger operations in Indonesia, and contributions from overseas investments, successfully offsetting a slight decline in domestic traffic volume. While average daily vehicle entries in the Philippines, which constitute over 90% of MPTC's revenue, decreased by 1% to 715,200, the company's domestic operations remained a significant revenue driver. Regionally, average daily vehicle entries saw a 1% increase to approximately 2.5 million, with Indonesia showing a notable 3% rise to 1.67 million vehicles per day. MPTC attributed the revenue surge partly to the opening of Cavitex C5 Link Segment 3B Phase 1 and Calax Subsection 3. In Indonesia, stable logistics activity, tariff adjustments, and improved toll-road access also bolstered performance. Tycoon Manuel V. Pangilinan, chairman of MPTC's parent company Metro Pacific Investments Corp. (MPIC), has indicated that only MPTC's Philippine tollway assets are slated for inclusion in the planned merger with conglomerate San Miguel Corp. (SMC). Both entities are actively working to finalize the deal by year-end, with SMC chair and CEO Ramon Ang expected to head the combined tollway entity. Pangilinan previously stated that SMC could hold approximately a 55% stake in the merged company. In preparation for the merger, MPTC continues to aggressively expand its domestic network. Capital expenditures reached P7.6 billion in the first half of 2026, though this represented a 5% year-on-year decrease, attributed to delays in project completion caused by right-of-way and construction issues. Ongoing projects include critical segments such as North Luzon Expressway (NLEx) Segment 8.2 Section 1A, the remaining Calax subsections, the Cavitex-Calax Link Expressway, Cavitex C5 Link Segment 3B Phase 2, and further works on the NLEx Connector. MPTC's regional portfolio now encompasses over 1,100 kilometers of toll roads across the Philippines, Indonesia, and Vietnam. Domestically, the company manages key expressways including NLEx, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, Cavite-Laguna Expressway, Cebu-Cordova Link Expressway, and the NLEx Connector.